The total revenue generated by the hot and cold therapy packs market will grow at a rate of 7.7% in the years to come to reach USD 2,008.2 million by 2030.
The factors responsible for the market growth are increasing acceptance of non-pharma and non-invasive pain management therapies, increasing elderly population, increasing incidence of orthopedic ailments, growing product introductions, and the increasing count of road accidents.
Cold therapy packs dominated the industry in the past, and the situation will remain like this in the years to come. This is because these packs are highly favored by individuals, who are suffering with chronic joint and bone pain.
Also, these are extensively put to use by athletes when they suffer from sports injuries, as they reduce both, pain and swelling.
The industry is garnering the maximum revenue from the sports injuries category, which will further increase at a considerable rate in the years to come. The growth in this application category is mostly driven by the high requirement for non-invasive pain relief therapies for sports injury management, which are growing in number.
North America dominated the hot and cold therapy packs market in the past, and it will continue dominating the industry in the future as well, because of the high incidence of orthopedic diseases, for example arthritis and osteoporosis.
APAC will grow the fastest in the years to come, mostly because of the surging elderly population, which generates a high requirement for non-invasive pain management therapies, as stated in one of its market research reports by P&S Intelligence.
The growing aging populace is playing an essential role in the growth of the industry.
As per the World Population Ageing 2020 report of the UN, there were 727 million people aged 65 years or more in 2020, and it will increase to 1.5 billion by 2050. The elderly people are more susceptible to lasting orthopedic ailments as their bones and joints are weak, which, results in the high requirement for products for pain management, for example hot and cold therapy packs.
The increase in the number of road accidents globally is playing a considerable role in the market growth.
As per the WHO, 20–50 million individuals bear non-fatal injuries on a yearly basis, which result in long-standing disabilities. Since people suffering from injuries non the road injuries are generally treated with hot and cold therapy packs for the management of pain, the increasing count of road accidents is ensuing in the increasing requirement for these products, thus boosting the growth of the industry.
There are an increasing cases of road accidents of-late all over the world, and this will help in increasing the demand for hot and cold therapy packs in the future.